Ethereum locked under $120.00

Ethereum is changing hands at $117.90, losing nearly 4% since the beginning of the day. While the coin is still higher on a daily basis, the failure to stay above $120.00 darkens the short0term technical picture.

ETH/USD has been one of the worst performing coins in recent weeks. The coin touched the area below critical $100 twice in November, however, on both occasions, new buyers came and to save the situation. Etherum has been under pressure due to large-scale sell-off by several ICO projects that were forced to return money to investors following the SECs penalties. Moreover, network update issues add uncertainty and increase the price pressure.

Ethereum’s technical picture

The price is supported by DMA5 at $115.34; though, we need to see a sustainable movement above $120 handle to get a chance for an extended recovery towards $130.00 with Pivot Point 1-month Support 3 on approach.

From the longer-term point of view, an ultimate resistance is created by $200, though we will need to clear $186 (DMA50) before we get there. DMA100 at $215.50 might attract sellers and trigger profit-taking. However, once it is removed, the upside may be extended towards congestion area $250.

On the downside, the critical support lies with the recent low of $100.92, it is followed by essential $100.

Related Articles

The World Economic Forum and the International Organization for Public-Private Cooperation, with the support of Accenture, has published a report on the value of blockchain. While there has been more than enough hype regarding distributed [… more …]

“Ethereum is only now starting to shrug off its ‘PTSDAO,’” tweeted Ameen Soleimani, the SpankChain CEO and creator of a now-$1.2 million decentralized autonomous organization (DAO) called the MolochDAO. After an infamous hack drained “The [… more …]

Christie’s, a leading art business based in the United States is collaborating with Artory, a highly reputed independent digital registry for the art industry, to register the sales of artworks on the blockchain, according to [… more …]